GTB 737 banner Yudala banner

FG commences independent monitoring of state finances

By News Express on 11/01/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 651

•Kemi Adeosun.
•Kemi Adeosun.

The Federal Government has commenced independent review of State financial management by appointing eight reputable accounting firms including KPMG, Ernst & Young and PWC to monitor and evaluate the implementation of the 22-point Fiscal Sustainability Plan (FSP) which specified the conditions under which 35 State Governments in June 2016 started accessing the N510 billion Budget Support Facility (BSF).

Monitoring by the Federal Ministry of Finance has been ongoing since June 2016. However, independent monitoring and verification of the States against agreed milestones under the FSP will now commence by the eight accounting firms.

The Budget Support Facility, a 12-month standby loan facility, was designed to bring immediate financial relief to State Governments and enable them meet their financial obligations; with a monthly amount of N50 billion in the first three months and N40 billion available for the remaining nine months to the 35 States.

The Fiscal Sustainability Plan is a 22-point reform programme which commenced in June, 2016 with requirements including increasing Internally Generated Revenue (IGR), introduction of biometric payroll, publication of audited annual financial statements, and reduction of wastages by establishing efficiency units.

The accounting firms appointed by the Federal Government are PWC, KPMG, Ernst & Young, PKF, Muhtari Dangana & Co/S.S. Afemikhe & Co, Ahmed Zakari & Co/Ijewere & Co.

While announcing their appointment, the Minister of Finance, Mrs. Kemi Adeosun, said that the firms were “expected to vigorously monitor, evaluate and verify the performance of the States against the agreed milestones set by each State Government under the Fiscal Sustainability Plan.” State Governments that fail to implement the action plans, as stated, would be taken off the facility with immediate effect.

Adeosun introduced the FSP for Sub-National Governments in 2016 to which State Governments acceded, with a view to enhancing fiscal prudence and transparency in public expenditure. The plan is part of the nationwide Public Financial Management Reform, which is being implemented by the administration of President Muhammadu Buhari through the Federal Ministry of Finance.

Source News Express

Posted 11/01/2017 12:32:24 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Nigerian varsity student launches free health awareness project...

US-based Nigerian doctor removes wrong ovary from woman...

FCT Police unveils Special Anti-Robbery Unit

Odinkalu, Unity Schools Old Students threaten to march...

Senate forgery not police case, says Shehu Sani...

MTN lures industry movers and shakers

Weatherman predicts another cloudy Sunday with localised thunderstorms...

Goldie’s secret husband surfaces, publishes wedding photos; Yes,...

NEMA surprises Kaduna Prisons with jumbo gift

Rivers Government to prosecute 2 APC chieftains for...

Okonjo-Iweala: And another feather adorns her cap, By...

Liverpool humiliate embattled Chelsea, push Mourinho to the...

 

Latest News Niger Delta militants declare war •Their condition for peace US, France, Germany fuelling corruption in Nigeria — Osinbajo Armed bandits kill 23, raze houses in Zamfara Navy to unleash 1,585 fresh inductees on insurgents, oil thieves How I will operate as Aare Ona Kakanfo of Yorubaland — Gani Adams Anambra guber poll: We’ll remain vigilant until final result is announced, says INEC Opone wants modular refineries in every Niger Delta state Lagos East APC Apex group passes vote of confidence on Ambode, condoles Tinubu Billion-dollar Bible Museum opens amid controversy Children takeover at World Children’s Day Anambra governorship election rigged: PDP Pogba back with a bang as United dazzle in EPL •Arsenal win derby

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (294,386 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (278,185 views) Shameless Genevieve Nnaji exposes breasts in public (224,731 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (189,108 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,296 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (165,856 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (143,971 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,420 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (126,839 views) Lagos plane crash: Journalist releases victims’ names (116,436 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,666 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (107,431 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (30) Business (2,771) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (186) Entertainment (404) Features (510) Global Business Monitor (190) International (1,644) Interviews (138) Live Commentary (28) Love Matters (82) News (30,350) Opinion (837) Pidgin (9) Politics (4,105) Religion (648) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!